Tuesday, 22 May 2012

With Memorial Day Weekend fast approaching, bikini season is here. When I put on my swimsuit this past weekend and headed over to a friends rooftop, I realized how long it had been since I last laid out in the heat. Too long. So long, in fact, that I realized I didn't even own sunblock anymore (this was quickly remedied). I'd consider last weekend a preview of what's to come for the next few months. This week is all about preparation, making sure you have the right beach hat, sunglasses and cover-up to survive summer 2012.

To get ready for the long weekend of sunbathing, seaside-frolicking and fun, let's take a look back at Sophia Loren,Raquel Welch, Rita Hayworth and more style icons in their swimsuits. These celebrities famously knew how to rock a bikini... so let's see if we can learn a thing or two from them in the slideshow below.

Monday morning’s big fall in Facebook’s stock hardly came as a shocker. It was clear on Friday that, at the offering price of $38 a share, there were more sellers than buyers. The only reason the stock held up was that Morgan Stanley, the lead underwriter on the initial public offering, stepped in and supported it. At the opening of trading this morning, the stock fell $5, to $33, before rebounding a bit. (At 2:30P.M., it was at $34.75.)

That’s bad news for investors who thought their luck was in when they were allocated some Facebook stock. It’s also worrying news for I.P.O.s and the capital markets in general. In fact, a strong argument can be made that Facebook’s shaky start as a public company demonstrates that the entire I.P.O. process, which is supposed to spread the rewards to innovation, is broken. By the time Facebook’s stock started trading on the public market, insiders—the company’s founders, employees, and venture-capitalist backers—had bagged most, if not all, of the company’s value for themselves.

That’s fair enough, you may say. Mark Zuckerberg and some Harvard pals created the company. It was Facebook’s professional managers, such as Sheryl Sandberg, the chief operating officer, and David Ebersman, the chief financial officer, who turned it into a real business. And it was some savvy venture capitalists, such as Jim Breyer of Accel Partners, and David Sze of Greylock Partners, who first spotted its potential. Surely, these are the folks who should be rewarded. (Bono’s investment, which my colleague Virginia Cannon wrote about, also falls into the reasonably early category. In April, 2010, Elevation Partners, a venture-capital firm in which Bono is a partner, paid ninety million dollars for one per cent of Facebook.)